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Mega Uranium Completes Ben Lomond Sale

Mega Uranium Ltd.
Mega Uranium Ltd.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR   
FOR DISSEMINATION IN THE UNITED STATES

TORONTO, Oct. 03, 2022 (GLOBE NEWSWIRE) --  Mega Uranium Ltd. (MGA: TSX) announces the closing of the sale of its Ben Lomond uranium property located in Queensland, Australia (the “Property”) to Consolidated Uranium Inc. (“CUR”), following the prior exercise by CUR of its option on the Property. Mega received an aggregate of 1,104,240 common shares of CUR in payment of the $2.5 million purchase price for the Property and an additional 236,308 common shares in satisfaction of a $535,000 payment that was contingent upon the monthly average spot price of uranium reaching US$50 subsequent to May 2020.

Additional payments of up to $1,850,000, which are contingent upon monthly average uranium spot prices of at least US$75 and US$100, remain payable to Mega for a period of twenty years.

Together with the securities of CUR that it held immediately prior to closing, mega holds an aggregate of 4,721,826 common shares of CUR, representing approximately 6% of the company’s outstanding shares, and an additional 338,139 common share purchase warrants.

ABOUT MEGA URANIUM LTD.
Mega Uranium Ltd. is a Toronto-based mineral resources company with a focus on the Georgetown uranium property in Australia and a portfolio of equity investments in uranium-focused public and private companies. Further information on Mega can be found on the company’s website at www.megauranium.com.

CONTACT: For further information please contact: Mega Uranium Ltd.                                         Richard Patricio                                          Chief Executive Officer and President                         T: (416) 643-7630                                         info@megauranium.com www.megauranium.com